Federal Finance Minister Muhammad Aurangzeb has said that the burden on the salaried class cannot be increased, tax rates will have to be increased, more changes are being made and the gaps are being filled.
Addressing the business community at the Independence Day and Struggle for Right ceremony at the Rawalpindi Chamber of Commerce, he said that I congratulate all Pakistanis on Independence Day in advance, the spirit of faith and national unity is the symbol of the country, national security and economic stability are inseparable from each other.
The Finance Minister said that everyone should benefit from the results of policy making, we are striving for this, today consumer confidence is at the highest level, our economy is growing at a record rate.
He said that this year the privatization of government institutions will accelerate, there has been a record increase in foreign exchange reserves, while the business environment has also improved locally, I appeal to everyone to move forward together step by step.
In the last one and a half years, we have worked to increase income, the fact figures of stability in the value of the rupee and reduction in the policy rate are in front of everyone, we need more improvement, you will get the results soon.
He said that loans have increased by 41 percent, agricultural loans have crossed two and a half trillion, one trillion debt service has been returned in the last year.
Muhammad Aurangzeb said that the stock exchange is increasing on a daily basis, the reason for the big change is that there has been a record increase in the number of new investors, right sizing is underway in 45 ministries, improvements are being made in pensions, work is also being done to reduce electricity prices.
The Finance Minister said that the Prime Minister is personally supervising the FBR transformation meeting, we cannot put more burden on the salaried class, tax rates will have to be increased, we are now bringing more changes and closing the loopholes that exist.
International financial development institutions have appreciated our initiatives, the tariff deal with the US has been done, discussions have been held with the IMF on a financial plan, Pakistan has raised one billion dollars in capital from the Middle East after two and a half years.
There are various surveys on the impact on the external front, there is good hope in the coming days, we will create an economy that will achieve far-reaching results, if the private sector leads this country, there will be a lot of improvement.
Muhammad Aurangzeb said that the economy has stabilized in the last one and a half years, the policy rate has been significantly reduced and there is room for further reduction, and a further reduction in interest rates will be announced soon.
The Finance Minister further said that on the instructions of the Prime Minister, we are holding meetings with all the chambers of the country, we will be in touch with all the traders apart from just formulating the budget, Bilal Kayani will hold detailed meetings with the chambers every month, we have formed consultative committees, we all have to work together to make Pakistan a developed country.
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